Nigeria, too, has witnessed a sizeable increase in the volume of e-payments in recent years.
Countries the world over are witnessing a rapid evolution of payment systems. These changes follow the technological shift from traditional modes of payment such as cash, cheques, and cards to the digital frontier of virtual currency and mobile platforms. According to Capgemini and BNP Paribas World Payments Report, global non-cash transactions broke a decade-long record for growth in 2014-2015, with growth volumes in excess of 11%, to reach more than 433 billion transactions. Two regions fueled this increase: emerging Asia with a growth rate of 43.4% and CEMEA (Central Europe, Middle East, and Africa) with 16.4% growth. Nowhere has the growth of e-payment been more evident than in Africa.
The swell of different means of electronic payments (e-payment) and mobile payments continues to have a direct impact on local economies in Africa. Whilst Kenya remains the continent leader in this regard, thanks to the emergence of the likes of M-Pesa, Nigeria has also witnessed a sizeable increase in the volume of e-payments in recent years. However, without significantly increasing the rate of financial inclusion in the country through innovative methods, some of which are discussed below, Nigeria runs the risk of never fully actualizing the expansive potential of e-payments on her economy.
This story is from the September 2018 edition of Legal Era.
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This story is from the September 2018 edition of Legal Era.
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